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They tend to be buyers of assets and companies that are troubled or out of favor and as a result are selling substantially below the values which they believe are there. From time to time, they sell parts of these operations when prices available in the market reach what they believe to be advantageous levels. While they are not perfect in executing this strategy, they are proud of their long-term track record. They are not income statement driven and do not run their company with an undue emphasis on either quarterly or annual earnings. They believe they are conservative in their accounting practices and policies and that their balance sheet is conservatively stated.

PICO Holdings, Inc. is a diversified holding company based in La Jolla, California. They seek to build and operate businesses where significant value can be created from the development of unique assets, and to acquire businesses which they identify as undervalued and where their participation can aid in the recognition of the business’s fair value, as well as create additional value. Their objective is to maximize long-term shareholder value.

Brookfield Asset Management Inc. is a global asset manager focused on property, power and other infrastructure assets with over US$75 billion of assets under management.

Since the merger between Investools and thinkorswim, this stock had plummeted. But since their last earnings report, the stock shot up and has backed off since. This is a play on the future of the brokerage side of the business. thinkorswim is growing by leaps and bounds and will continue. The education side is backing off only to be filled by the broker/dealer side. This is one to watch!

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